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I myself am confused. It has always been designated the Pension Fund. You earn a balance based on years of service and pay and it vests over time (I've been fully vested for a while). When you retire, that converts to some sort of monthly payment over a variety of options. But it never was clear to me that the money would go with me if I went to another company. As opposed to my 401K which I though was transferrable.

Now they will be allowing us to invest the pension funds in the 401K category, through some magic trick.

Unfortunately, the benefits department people are "trained customer service representatives" on 1-800 lines who know far less about pensions and taxes than I already do, and they use the standard phrase "Check with your tax professional." My tax professional had some ideas; I just thought you smarties might have some more ideas. The portability issue someone mentioned in the previous post is a major issue I hadn't considered.

Any other ideas you have would be welcome.
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